What is the purpose of the Blockchain?

Blockchain’s purpose is as revolutionary as it is simple: to create a decentralized network where no single entity controls the data. It’s all about trust—or rather, eliminating the need for it. By relying on consensus, blockchain ensures that everyone agrees on the state of data without a central authority. This breakthrough concept laid the foundation for Bitcoin in 2008, introduced by the mysterious Satoshi Nakamoto, combining cryptography and financial incentives to create a secure, tamper-resistant system.

Beyond cryptocurrency, blockchain evolved with smart contracts, enabling code to execute in a decentralized and censorship-resistant manner. Smart contracts are deployed to the blockchain, becoming publicly verifiable and ensuring the code always works as programmed. This game-changing innovation opens the door to transparency, trustless transactions, and a future where power is distributed across the network, not concentrated in any one place.